The effective date for IFRS 17 Insurance Contracts (IFRS 17) is fast approaching, bringing unprecedented accounting change for the insurance industry, including changes to results, disclosures and key performance indicators (KPIs). It will also require substantial updates to systems, data and processes. While some insurers welcome the opportunity to take a more holistic view at digitization and processes, many insurers are wanting a simpler approach that is less resource-intensive and can be completed quickly.
With 1 January 20231 drawing closer, it is becoming increasingly difficult to ensure IFRS 17 compliance will be delivered on time and to quality. Even those organizations who began their IFRS 17 journey early are finding it a challenge to test systems and build controls within the required timeframe.
For those insurers that are still at the beginning of their IFRS 17 implementation, speed and reliability is critical.
To help insurers address the business challenges presented by IFRS 17 efficiently, KPMG has joined forces with SAS to develop KPMG IFRS 17 Express — powered by SAS® (IFRS 17 Express), an IFRS 17 software solution offering that is cost-effective, efficient and developed using our experience and insights in mind.
Learn more about KPMG IFRS 17 Express — powered by SAS® by requesting a demo or speaking to one of our product specialists.
1The effective date of IFRS 17 Insurance Contracts as issued by the International Accounting Standards Board ('The Board')